Tron’s Justin Sun announces plans to incentivize TRX staking
Justin Sun, Founder of Tron and CEO of BitTorrent, is in the news after he announced a new TRX staking incentive plan for Tron partners, early this morning on Twitter. Sun tweeted,
New Staking #TRON Partners $TRX Incentive plan coming:
1. A fair, decentralized distribution of staking revenues, encouraging greater user participation and smoother engagement with staking from more wallets, exchanges and partners.
— Justin Sun (@justinsuntron) September 21, 2019
Staking is an action performed by users on PoS-based networks that entails staking coins for a determined period of time, during which these coins cannot be moved. Depending on the stake, the user may then be selected to validate a block, following which they receive their coins back along with a staking reward.
According to the tweets, Justin Sun claims to want to create a fair, decentralized distribution of staking revenues that encourages more user participation with staking from more exchanges and wallets. There will also be fewer unnecessary dividend distributions to lower bandwidth consumption, and a structure for complex consensus.
The Tron CEO also plans to achieve greater voter turnout and higher stake ratio across the network to nurture a more active community and robust network economy, while increasing the amount locked-up by Tron users.
Just recently, Tron recorded a surge of 2.14% over 24 hours, bringing its market cap to $1.153 billion. According reports, Tron DApps have now reached 563 in total. With over $5.2 billion of TRX locked up in staking and an average yield of 13.2%, almost $700 million are made in profits annually from staking on Tron.